The YMCA of Orange County is now accepting cryptocurrency donations through BitPay!
Have questions about donating cryptocurrency? We hope the answers below will help!
What is Cryptocurrency?
Cryptocurrency (Crypto) is a form of payment that can be exchanged for goods and services. There are a variety of cryptocurrencies available on the market, often called tokens, and these can be traded for goods or services. Read more here.
Why accept cryptocurrency donations?
There are currently about 101,000,000 people who use cryptocurrency today. And half of millennials (future donors) prefer crypto investing to stocks. Plus, as the popularity of crypto increases more and more donors of all ages will have the ability to get involved.
What is BitPay?
BitPay is the world’s largest provider of Bitcoin and cryptocurrency payment services. You can learn more about BitPay here.
Why does the YMCA of Orange County accept donations through BitPay?
The YMCA of Orange County accepts cryptocurrency donations to provide individuals with another option to donate.
What does the Y do with my cryptocurrency donation?
Once your cryptocurrency donation is received by BitPay, it is converted into US Dollars which are then transferred or deposited to the YMCA of Orange County’s Annual Fundraising Campaign. Funds from this campaign are used to help individuals and families in our community gain access to programs and services that they otherwise would not be able to afford. Learn more about our Annual Campaign here.
Is my cryptocurrency donation tax-deductible?
Yes, your cryptocurrency donation is tax-deductible! Cryptocurrencies like Bitcoin are classified as property by the IRS. Donors who give cryptocurrency to a 501(c)(3) nonprofit pay no capital gains taxes on the appreciated assets. In other words, cryptocurrency is often a smart way for donors to give. If you itemize your federal tax return your contribution can be tax-deductible.
*Please consult your tax advisor. You can donate anonymously but you will not receive a tax receipt.
The YMCA of Orange County respects our donor’s privacy. The YMCA honors the requests of those donors who wish to have their contributions remain anonymous. In addition, we do not sell, trade or give away YMCA donor names and addresses. Confidentially, donors’ names may be provided to auditors, the IRS (Subject to IRS guidelines and limits), the Franchise Tax Board (Subject to FTB guidelines and limits) and/or foundations that request verification of our contributions.
Tax ID: 95-1644055